The pensions bill is "a bit of a curate's egg", according to Donna Bradshaw, independent financial adviser with IFG Financial Services.

One of the biggest problems with the bill is its aim of "trying to please all of the people all of the time", which cannot be done, she contends.

Ms Bradshaw states that there are certain decisions that have to be taken which may not be so popular with some people, but would benefit the majority.

She says that means testing is something that needs to be addressed, noting that the government should reduce such assessment and encourage people to save.

Ms Bradshaw concludes: "If you had a universal pension where everyone got the same amount and everything they saved on top of that was theirs, it would be a lot more attractive."

The proposed pensions bill was announced last week and includes measures such as ensuring that all workers over the age of 22 who are earning more than £5,000 pay into a workplace pension scheme.